Investment sales activity in the overall multitenant market climbed to $53.9 billion during the fourth quarter, up 36.8% from the third quarter. Year-over-year, multitenant sales volume was up 18.8%, according to a Northmarq report.

Total annual sales volume for the multitenant market was $166.9 billion, which narrowly surpassed the full-year 2023 volume by 2.9%. All sectors, however, currently lag behind the strong performance reported in 2021 and 2022, according to Northmarq.

The industrial sector led investment sales activity, accounting for $22.8 billion during the fourth quarter. That was up 31% from the previous quarter, the Northmarq report said. Office transactions accounted for $19 billion in activity, a 60% increase that marked the sector’s strongest performance since Q3 2022. Retail activity came in at $12 billion, which was its strongest showing in more than a year, said Northmarq.